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Thanksgiving, Hanukkah and Christmas are just around the corner. Black Friday, Cyber Monday and holiday shopping is too. It also means the possibility for an increase in identity theft and fraud. So before you get caught up in all the holiday shopping chaos, you should be aware that criminals might use this as an opportunity to compromise your sensitive data. This holiday season, however, one group in particular might be purposely putting themselves at an increased risk of identity theft. A recent survey by Experian found that 19 percent of millennials would put their identity at risk in exchange for a good Cyber Monday deal. While some millennials are making it exceptionally easy to compromise their personal information during the holiday season, let’s take a closer as to why this demographic might be more vulnerable to identity theft year round.

Millennials are notorious for being the most tech-savvy generation, growing up in a world where sharing personal data online and across social media platforms is commonplace. However, their willingness to share personal data easily puts them at an increased risk of identity theft. For one, criminals might have an easier time guessing their security challenge questions because they can be quickly discovered on their public Twitter profile or Instagram page. Second, since they are so used to sharing a wealth of personal information, they might be less likely to hesitate when asked for it by anyone – including those with malicious intent.

Along with being tech-savvy, feelings of apathy toward data breaches could be another reason why millennials might be at an increased risk of identity theft. According to a Gallup poll, 67 percent of millennials are trusting that the companies with which they do business, such as credit card companies and health insurance companies, guard their information. The poll also finds that 70 percent do believe that their privacy will be compromised at some point in time. Because millennials have lived through several major data breaches, they’re aware of the risks but have become accustomed to these types of events and might not fully comprehend the severity of having their personally identifiable information stolen.

In some cases, becoming a victim of identity theft is “fixable,” but what millennials might not understand is that the process is not an easy one. Identity theft cases can take years to remediate. Even if you “fix” the issue, many victims experience reoccurring threats, consistently trying to regain their identity. This also doesn’t take into account the emotional impact victims go through. The Aftermath® study revealed that victims felt angry, frustrated and violated regarding their identity theft situation. In the same survey, 50 percent of victims lost interest in activities they once enjoyed.

And lastly, another reason that millennials might be increasing their risks of identity theft is by thinking it won’t happen to them. According to the AARP, younger generations tend to believe that scammers target the elderly, which allows millennials to believe they are safe. However, what millennials might not realize is that they are just as vulnerable to the threats of identity theft as senior citizens. For example, a recent survey found that 17 percent of millennials were likely to give out sensitive information to a caller that confirmed their last four digits of their Social Security number. So it is, in fact, that everyone is equally just as at risk for identity theft, regardless of their age.

Now more than ever, millennials need to take preventative measures to minimize their risk for identity theft. Here are a couple of tips to help protect your identity:

Don’t give out your Social Security number unnecessarily

Use strong passwords

Set up a passcode/password and anti-virus software on all of your mobile devices (smartphone, tablet) and computers (desktop, laptop)

Don’t give out personal information on the phone unless you initiated the contact

Avoid logging into sensitive accounts, email or providing credit card/debit card numbers while on public Wi-Fi

If you do find out that your information has been compromised, contact our advisors using our toll-free number (888-400-5530) and they can inform you about the necessary steps to take to resolve the issue. You can also reach us using our live chat feature.

Parents instinctively protect their children from any danger that might come their way, but what do parents tend to overlook? Child identity theft. Given the prevalence of this crime – more than one million cases of child identity theft cases were reported last year alone – it’s crucial that parents and legal guardians start taking the necessary steps to help minimize their children’s risks. To help encourage this thinking, Experian has deemed September 1 as Child Identity Theft Awareness Day to generate more attention around this prolific crime in hopes that it will reduce the amount of victims.

Children’s identities are seen as desirable because they are often left unmonitored for many years, giving thieves ample time to wreak havoc. For example, a recent survey conducted by Experian found that 45 percent of respondents didn’t discover they were a victim of identity theft until they were between the ages of 16 and 18. Additionally, more than half of those surveyed didn’t discover they were a victim of child identity theft until they applied for credit as an adult or when they received a bill or credit card in the mail.

The emotional toll this crime takes on its victims is also worth noting. The survey discovered that 35 percent of the child identity theft victims surveyed sought professional help in dealing with related stress, anxiety, anger or depression related to the theft; 68 percent said they are fearful it could happen to them again; and 65 percent are angry about the credit roadblocks they have faced. Furthermore, 10 years later, 1 out of 4 victims surveyed are still dealing with the issues and 81 percent of them remain concerned about their ability to get approved for credit in the future.

As illustrated in the survey, the effects of child identity theft can be long lasting and although this crime is not completely unpreventable, parents and legal guardians can take the necessary steps to minimize their children’s risks. For starters, many parents/legal guardians don’t realize that they might be unintentionally putting their child at risk of identity theft by carrying their Social Security card, giving out this number to entities that don’t legally need it (doctor’s office/hospital) and by not being proactive.

Interestingly enough, the survey revealed that when the parents discovered the child identity theft, their children were 14 years old on average, whereas if the child found out about the theft themselves, they were 19 years old on average. What parents don’t often realize is that they might be able to discover this theft even sooner, which could potentially save their children years of headache. First, parents need to be on the lookout for signs of child identity theft, which include the following: protecting their Social Security number, monitoring their children’s personal information, social media and online activity, paying attention to privacy policies and teaching them about identity theft risks. Second, they might consider doing Experian’s free Child ID Scan, which is a one-time service for parents or guardians to check if an Experian credit report exists for their child. If you do find out that your children’s information has been compromised, we recommend contacting the Identity Theft Resource’s toll-free number at 888-400-5530 to speak to an experienced advisor who can inform you about the necessary steps to take to resolve the issue. You can also use their live chat feature on their website at: www.idtheftcenter.org

Taking small steps to protect your child’s identity can not only greatly reduce their risk of becoming a victim but it can also help them in the long run.

It turns out the boogeyman is actually hiding in the deep dark web, not your child’s closet.

Identity theft is often misconstrued as an issue that only adults deal with; however, it’s also something that affects children. According to Javelin Strategy and Research’s 2018 Child Identity Fraud Study, one million child identity theft cases were reported in the U.S. last year.

It is important to note that these are only reported cases, so the actual number of child identity theft victims is likely higher. According to the calls we receive from impacted individuals, many child identity theft cases go underreported because they may have been perpetrated by a custodial or non-custodial parent, a close relative or even family friend, and the victim might not feel comfortable pressing charges.

Criminals see children’s identities as a hot commodity because they’re typically unmonitored and clean. Since children don’t start to establish credit until they are an adult (age 18) and open their first credit card or take out a loan, parents don’t usually think to check their child’s credit history. Unfortunately, criminals see this as the perfect opportunity to use your child’s information to open up several accounts, which may go undetected for years.

After the child’s information is stolen, criminals often turn to the dark web to sell it for as low as one dollar. The Dark Web, which contains some areas that are not accessible by normal internet browsers or are gated, holds a variety of illicit activity. So if you’ve been a victim of a data breach or gave personal information to a scammer, your information might be living there, as well as your child’s information.

Even though your child isn’t opening up new lines of credit at the moment, they are still at risk of having their information exposed. One way this can happen is through a data breach. You should be aware that accidental breaches do occur and you should be mindful of the consequences. For example, schools, doctor offices and daycares hold your child’s personal identifying information (PII) and could be potentially breached. It’s important to find out how your child’s information is collected, stored and disposed.

Often times, thieves will buy a child’s Social Security number (SSN) from the dark web and combine it with a fake date of birth, address and name to completely fabricate an identity. Considered synthetic identity fraud, this is an increasingly common method that criminals use to commit identity theft. In order to protect your child from the dark web, it’s important to check if a credit report exists with your child’s SSN regularly, never carry their SSN and only provide their SSN when it’s required.

Checking for the existence of a credit report with each of the three credit bureaus is a leading way to identify child identity theft. There are other indicators including the following:

Your child receives offers for pre-approved credit cards.

You receive bills in your child’s name.

A collection notice arrives with your child’s name on it.

Your application for government benefits for your child is refused because benefits are already being paid out to someone using your child’s Social Security number.

You receive a letter from the IRS saying your child owes taxes. Be aware, however, that any phone call from someone claiming to be with the IRS is almost certainly fraudulent. The IRS communicates with taxpayers by U.S. mail only.

You can contact the Identity Theft Resource Center for free assistance at 888-400-5530 or through the live chat feature on their website: https://www.idtheftcenter.org/